We believe that increased access to international markets, particularly Taiwan and China, will prove to be the primegrowth driver for the agribusiness sector in New Zealand throughout the medium-to-long term. This will be supportive of the dairyand livestock segments. The dairy sector in particular will benefit from export demand growth, as many other countries in Asia arefacing growing domestic demand and relatively limited production capacity. We believe CME prices will average lower in 2018 y-o-yand roughly sideways thereafter.